Okla. Stat. tit. 8, § 8-230
This is the official text of Okla. Stat. tit. 8, § 8-230, part of Oklahoma’s Stat. tit. 8, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 8,." Browse the sections below, each linked to its official government source.
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Effective date - Exemption of certain existing associations
Official statutory text
- Bond of Treasurer.
The operative date of this Act shall be June 1, 1953. Provided
that the provisions of this Act shall not apply to an association
which has been issuing the individual certificate, and individual
certificate only, prior to January 1, 1943, and which organization
was organized pursuant to the provisions of Section 10453, Oklahoma
Statutes, 1931, and any such association now operating, which is
nonprofit-sharing in its operation and pays no fees or salaries to
any of their officers and have no capital stock and provides a
burial out-fit and burial, the total value of which shall not exceed
Two Hundred Dollars ($200.00) to those entitled thereto under the
said certificate, and which associations do not make an assessment
against their members until and unless the fund on hand derived from
membership fees or assessments in the treasury of said association
would only pay for the burial of six adults entitled to a burial by
said association, shall be exempt from the operations and effect of
the Insurance Laws of the State of Oklahoma, and shall not be
required to comply with the Insurance laws of said state; provided
that the money collected by such association or associations shall
be held as a trust fund for the benefit of the beneficiaries and
that at least seventy-five percent (75%) of the membership fees
collected from the memberships shall be accounted for and paid into
Oklahoma Statutes - Title 8. Cemeteries Page 30
this fund, and that all of any future assessments or memberships
shall be paid into this fund.
That the treasurer of said association be required to file with
the court clerk of the county in which the association is organized
a surety bond running in the name of "The State of Oklahoma;" said
bond to be approved by the court clerk of said county, and to be
conditioned that the funds of the association will be held and
applied as a trust fund to be paid out only in accordance with the
purposes of the association, which bond shall at all times equal the
amount of the trust fund on hand in such association, and in no
event to be less than Two Thousand Dollars ($2,000.00).
The operative date of this Act shall be June 1, 1953. Provided
that the provisions of this Act shall not apply to an association
which has been issuing the individual certificate, and individual
certificate only, prior to January 1, 1943, and which organization
was organized pursuant to the provisions of Section 10453, Oklahoma
Statutes, 1931, and any such association now operating, which is
nonprofit-sharing in its operation and pays no fees or salaries to
any of their officers and have no capital stock and provides a
burial out-fit and burial, the total value of which shall not exceed
Two Hundred Dollars ($200.00) to those entitled thereto under the
said certificate, and which associations do not make an assessment
against their members until and unless the fund on hand derived from
membership fees or assessments in the treasury of said association
would only pay for the burial of six adults entitled to a burial by
said association, shall be exempt from the operations and effect of
the Insurance Laws of the State of Oklahoma, and shall not be
required to comply with the Insurance laws of said state; provided
that the money collected by such association or associations shall
be held as a trust fund for the benefit of the beneficiaries and
that at least seventy-five percent (75%) of the membership fees
collected from the memberships shall be accounted for and paid into
Oklahoma Statutes - Title 8. Cemeteries Page 30
this fund, and that all of any future assessments or memberships
shall be paid into this fund.
That the treasurer of said association be required to file with
the court clerk of the county in which the association is organized
a surety bond running in the name of "The State of Oklahoma;" said
bond to be approved by the court clerk of said county, and to be
conditioned that the funds of the association will be held and
applied as a trust fund to be paid out only in accordance with the
purposes of the association, which bond shall at all times equal the
amount of the trust fund on hand in such association, and in no
event to be less than Two Thousand Dollars ($2,000.00).
Status: in_force · Read it on the official government site
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